Asbury Park Complex Sells for $3.2 Million (Real Deals)

An apartment complex in west Little Rock tipped the scales at $3.2 million. Asbury Park Apartments Ltd. of Knoxville, Tenn., purchased its namesake 106-unit complex at 8500 Keller Drive from Kanis Properties Ltd. of Atlanta.

The deal is financed with a $4.8 million bridge loan from Regions Bank of Birmingham, Ala., and a 30-year loan of $250,000 from the Arkansas Development Finance Authority.

The 9.64-acre development previously was tied to a July 2002 mortgage of $2.86 million originated by Reilly Mort-gage Group Inc. of McLean, Va.

Kanis Properties acquired the location for $244,000 in May 1982 from Kelton Brown Packing Co.

Motel Transaction

A 58-room motel in Jacksonville is under new ownership after a $2.1 million sale.

Shree Ganesh Krupa Inc., led by Chandrika Patel, bought the Super 8 at 1850 John Harden Drive. The seller is J&R Associates Inc. of Jacksonville, led by Jitrendrakumar Patel.

The deal is funded with an assumed loan of $1.5 million from First Arkansas Bank & Trust of Jacksonville and a $150,000 loan from the seller. The 2.44-acre site was purchased for $110,000 in September 1990 from the bank.

Office Resale

An 8,754-SF office building in downtown Little Rock rang up a $450,000 deal.

The Gregory Hatcher Revocable Living Trust acquired the Mehlburger Building at 201 Izard St. from First State Bank of Russellville.

The deal is backed with a $450,000 loan from Centennial Bank of Conway. The 1.03-acre development previously was linked with a January 2008 mortgage of $714,000 held by First State Bank of Russellville. The bank recovered the property at a $525,000 foreclosure sale in July 2010 from The Harrison Company LLC, led by Myron Jay Harrison.

Auto Acquisition

A former car dealership project in Little Rock drew a $450,000 sale.

Dorothy Ukegbu purchased the one-time home of Crain Chevrolet at 6706 S. University Ave. from Crain Investments Ltd., led by Larry Crain Sr.

Crain acquired the property in two July 2003 deals with the M. LaVerne Jones Trust, $462,000, and Cecil C. Jones Family Trust, $138,000.

Farm Purchase

Farmland near Scott changed hands in a $438,000 transaction.

Ag Resources II LLC, led by Gar Lile, bought 141 acres along the south side of U.S. Highway 165 near Alexander Road. The seller is JDW Inc., led by John Ed Welch.

The deal is financed with a seven-year loan of $375,000 from Pine Bluff National Bank. The land previously was tied to a January 2008 mortgage of $450,125 held by Bank of Salem. The property was purchased in January 2008 as part of a $460,000 deal with Virginia Brown Davis and Joan Brown Dietz.

Rural Residence

A 4,908-SF home in west Pulaski County sold for $624,000.

Gerard Frankowski Jr. and his wife, Kristin, acquired the house from Daniel Waymack. The deal is funded with a 15-year loan of $417,000 and a five-year loan of $82,200 from BancorpSouth Bank of Tupelo, Miss.

The residence previously was linked with a November 2011 mortgage of $490,000 held by Delta Trust & Bank of Little Rock. The property was bought for $460,000 in July 2011 from Martha and Gary Markland.

Walton Heights Home

A 4,535-SF home in west Little Rock’s Walton Heights neighborhood is under new ownership after a $601,000 sale.

Daniel and Tiffany Robertson purchased the house from John and Lacy Eidt. The deal is backed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Inc. and a five-year loan of $63,500 from BancorpSouth Bank.

The residence previously was tied to a February 2012 mortgage of $300,000 held by Metropolitan National Bank of Little Rock. The property was acquired for $583,000 in June 2004 from Michael Parnell.

Heights Abode

A 3,958-SF home near the Country Club of Little Rock rang up a $575,000 transaction.

Jeffrey and Leslie Humiston bought the house from Jeffrey and Melissa Francis. The deal is financed with a $700,000 loan from Delta Trust & Bank.

The residence previously was linked with a May 2010 loan of $417,000 from Moore Mortgage Inc. of Little Rock, a May 2010 loan of $158,600 and August 2010 loans of $370,000 and $250,000 from Summit Bank of Arkadelphia and an August 2011 loan of $30,620 from A-Z Investments LLC, led by Dickson Flake.

The property was purchased for $375,000 in July 2007 from Robert and Luanne Seay.

Oaks House

A 4,260-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development drew a $510,000 sale.

Senthil and Rhodora Raghavan ac-quired the house from Kathy and Louis McAlister. The deal is funded with a 30-year loan of $407,440 from NBA Mortgage Group of Little Rock and a $50,930 loan from North Little Rock’s National Bank of Arkansas.

The residence previously was tied to a February 2007 mortgage of $596,000 held by Riverside Mortgage Co. of Little Rock and a March 2007 mortgage of $104,000 held by Citibank of Sioux Falls, S.D. The property was bought for $680,000 in June 2005 from John and Deborah Rees.

Infiniti Funding

A west Little Rock auto dealership is backed with a $5 million funding agreement. ACE-H LLC, led by Anna Catherine Ellis-Hendrix, obtained the loan from Bank of America in Charlotte, N.C.

The Ellis Infiniti project at 15 Colonel Glenn Plaza Drive was backed with a March 2012 loan of $4.12 million from Wells Fargo Bank of Sioux Falls, S.D.

The 2.81-acre site was purchased for $1.38 million in June 2010 from Asbury Automotive Arkansas LLC of Duluth, Ga.

Foothills Financing

A 300-unit piece of the Foothills Apartments project in North Little Rock was refinanced with a $21.9 million mortgage.

Foothills Apartments III LLC, led by James P. Matthews, received the loan from Greystone Funding Corp. of Warrenton, Va.

The 24.66-acre property at 2401 Lakeview Road previously was linked with a January 2005 mortgage of $21.9 million held by Reilly Mortgage Group Inc. of McLean, Va.

The Matthews family assembled the land as part of eight transactions totaling more than $258,000.

The sellers were Fred and Katherine Watkins, $250,000 in August 1959; M.H. and Vesta Bland, $6,000 in November 1959; H.E. and Capitola Gibbs, $1,590 in April 1924; the state of Arkansas, $315 in April 1937; and Pulaski County Clerk, $274.

Rounding out the list are three deals of undisclosed value: Frank Wielgosz and Michael Lukaszewicz, both in July 1968; and Hedwig D’Argonne, in August 1968.

Million-Dollar Construction

Bass Pro Shop    
$15,500,000
1 Bass Pro Drive, Little Rock
VCC LLC, Little Rock

10,000-SF House    
$1,350,000
10 E. Palisades Drive, Little Rock
Fred Lord Builder Inc., Little Rock

6,500-SF House    
$1,223,000
6 Spring Valley Lane, Little Rock
Kevin Hughes Construction Co., Little Rock

Landers Toyota Service Center    
$1,050,000
5000 Commercial Center Drive, Little Rock
Kinco Constructors LLC, Little Rock